Indian stock markets break 5-year-old record:Nifty rises highest during a single-week period since Feb 2021

The market may see sharp volatility in the week starting April 13 due to no concrete agreement in Iran-US talks. Volatile crude oil prices, foreign investor activity, and global market movements will also be key factors determining market direction. The previous week was the best for the stock market since February 2021. Nifty closed at the 24,050 level with a 6% gain amid hopes of reduced tension from talks between Iran and the US. Now, will the market be able to maintain this momentum? Let’s understand: Support and Resistance Support Zone: 23,940 | 23,850 | 23,462 | 23,330 | 22,857 Support means the level where a share or index gets support from falling down. Increased buying here prevents the price from going down easily. There may be a buying opportunity here. Resistance Zone: 24,143 | 24,387 | 24,450 | 24,538 | 24,650 | 25,002 Resistance means, the level where a share or index faces obstacles in moving upward. This happens due to increased selling. After crossing the resistance zone, there is an expectation of bullishness. Note: Support and resistance levels are according to Wealth View Analytics report. 3 factors that can determine the market direction 1. Iran-US talks inconclusive, impact will be seen on crude oil The 21-hour-long talks between Iran and America in Pakistan to reduce tension in West Asia have ended without any agreement. US Vice President JD Vance said that they are returning without any deal. Its direct impact can be seen on the market and crude oil prices on Monday. If crude prices increase, it will put more pressure on the Indian market. Currently, Brent crude is around $95.20 per barrel. 2. Results of major companies will determine direction The market’s focus this week will also be on the fourth quarter (Q4) results. Around 50 companies listed on BSE will present their results. Among Nifty’s major companies, the results of Wipro, HDFC Bank and ICICI Bank will be most important. Apart from this, results of several other companies from the banking and financial sector such as Yes Bank, Angel One and HDFC Life are also due this week. 3. FII selling and rupee movement Foreign Institutional Investors (FIIs) have sold shares worth ₹48,213 crore in April so far, which is a matter of concern for the market. However, on Friday they made net purchases of ₹672 crore. On the other hand, the rupee’s situation also remains fragile. Experts say that the rupee could fall to levels of 93.50 to 94 against the dollar in the coming days. Expert View: Nifty could go up to 24,700 According to Nilesh Jain, Head of Technical Research at Centrum Broking, the market structure is positive and Nifty has crossed the psychological level of 24,000. Now the index could move towards 24,300 to 24,500. Meanwhile, Ajit Mishra of Religare Broking believes that if the market holds the level of 23,500, it could go up to 24,700. IPO Market: 2 new issues will open this week Action will be seen in the primary market this week as well. On April 17, ‘Citius Transnet InvIT’s’ IPO worth 1,340 crore rupees will open. Along with this, Mehul Telecom’s SME IPO will also open for subscription on the same day. On the listing front, three companies including Om Power Transmission will debut in the market.